Land, Sites & Construction
A site is financed in stages, bridge now, project debt once it is shovel-ready.
Powered, shovel-ready land is the scarce first step of every data center and power build, and the heavy construction that follows runs to hundreds of millions. No single loan spans that arc. We finance the site through its stages, a bridge to assemble and entitle it, then non-recourse project and construction debt once it is contracted, and we source each from the capital that leads it.
01 / The Sector
The scarce first step of every build, and the heavy work that follows.
Every data center and every power plant starts with land that has power. Powered, shovel-ready acreage is the scarce first step of the AI build-out, and the heavy construction that follows is capital-intensive, running to hundreds of millions per site. Developers assemble and entitle the parcel, then build it out, and each stage carries a different financing: patient capital to entitle the land, a bridge to carry it, and non-recourse debt once the asset is contracted.
The arc
Raw land to operating asset, financed stage by stage.
The risk falls and the capital cheapens as the site moves from acreage to entitlement to contract to build. Each stage takes the instrument matched to it.
02 / How We Finance It
The instruments that carry a site through its stages.
A site is not financed with one loan. It is financed in sequence, each instrument matched to a stage of the work and the risk in front of it.
Development and land finance
Capital to acquire the parcel and carry it through entitlement, zoning, and interconnection. The loan is secured on the land and its emerging power rights, and it funds the work that turns raw acreage into a powered, shovel-ready site.
Bridge Financing
A short-term facility that carries a site from assembly through entitlement to a permanent take-out. It is refinanced once the parcel is shovel-ready and pre-leased, when the risk has fallen enough for cheaper, longer capital to step in.
Dedicated deskProject Finance
Once the asset is contracted, non-recourse project debt takes out the bridge and funds the build. It is sized to the signed offtake or lease and ring-fenced from the developer, so the site stands on its own contracted revenue.
Dedicated deskConstruction Debt
Milestone-drawn capital that carries the build from ground-break to a stabilized, operating asset. Funds are released against surveyed progress, from earthworks and foundations through vertical construction, matching the debt to the pace of the build.
03 / What Secures The Debt
What the lenders actually underwrite.
The security builds as the site does. Early on it is the land and the rights that make it buildable. Once construction completes, the contracted asset and its cash flows carry the debt, and each stage is pledged to the capital that funds it.
- 01
The land
The parcel itself, a hard asset with enduring value in a supply-constrained market where powered acreage is the scarce first step of every build.
- 02
The entitlements and secured power rights
The zoning, permits, and interconnection agreements that make the site buildable and powerable. This is what turns raw land into a developable asset, and it is pledged to the debt.
- 03
The contracted asset and its cash flows
Once the site is built and let, the completed asset and the lease or offtake behind it become the primary source of repayment, and the debt is refinanced against them.
04 / Contact
Financing a site or a build?
Tell us the parcel, its power position, and where the project stands. We will tell you how we would structure the debt across its stages and which capital would fund it.